According to Robert Dudley, Group Chief Executive for BP, the oil and gas industry has just recovered from one of the most protracted price downturns ever to impact the industry by changing how it does business in two fundamental ways.
“We’re much more disciplined on costs, and we’re making dramatic improvements in efficiency through the use of the digital era and data,” Dudley said, addressing delegates at CERAWeek by IHS Markit held recently in Houston, Texas. “As a result, we’re leaner, we’re fitter and we’re more balanced at $60 than we were at $100 (per barrel of oil). We’re a more modern, more agile industry. I believe we’re better positioned for the energy transition because of that. And by the way, we better be, because it’s already happening.”
Please read this article in its entirety in the June/July issue of BIC Magazine.